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john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable sort of angle. here's the one possibility that i have. even regular dividend payers sometimes when the x difficult tend date comes they adjust to the downside more so than the dividend even was. to me it seems like it is almost worth being short these special dividend payers into the x dividend day. i'm not because it seems dangerous to me. >> jim, we'll be back with you shortly. >>> now to bertha coombs with a "market flash." >> watching shares of aol. the "wall street journal" naming some unnamed sources say that its chief marketing officer will be parting ways with the company. what's interesting, sh
john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a...
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Nov 30, 2012
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comment on the fiscal cliff. headline -- john boehner calling the white house's most recent offer not a serious proposal reiterating the fact that is he willing to put revenues on the table but not through a raise in the tax rates, by closing loopholes. he wants lower tax rates. reiterating the republican position there. harold ford jr., the former democratic congressman, also doug holtz-eakin is the former congressional budget office director. keith banks is here with us as well. harold, your reaction to what the house speaker says here? certainly doesn't seem, if you listen to either the president or the speaker, that we're any closer to a deal. >> i was encouraged by the speaker's remarks. he didn't put his foot down and say no adamantly or irretrievably to anything. whether asked specifically if rate increases were something he could support, he suggested that there were other means and other ways to achieve new revenue. a lot of ways i thought it was a measured response and we live to fight. those of us who
comment on the fiscal cliff. headline -- john boehner calling the white house's most recent offer not a serious proposal reiterating the fact that is he willing to put revenues on the table but not through a raise in the tax rates, by closing loopholes. he wants lower tax rates. reiterating the republican position there. harold ford jr., the former democratic congressman, also doug holtz-eakin is the former congressional budget office director. keith banks is here with us as well. harold, your...
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Dec 4, 2012
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the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will get a big piece of the dividends. the king of all dividends is sheldon adelson who gets $1.2 billion from sands corp dividend and his tax savings alone could be $340 million. all shareholders benefit from dividends and many of the owners and ceos have recused themselves from the dividend votes, but these companies tend to have higher insider ownership. the average insider ownership of these dividenders is around 27%. it all shows that just the threat of higher taxes is causing companies and people to take next year's income today when they can. >> yeah. it's interesting. we were talking about th
the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will...
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Nov 30, 2012
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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Dec 7, 2012
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>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot quicker than they come down. >> you've seen the commercial allied financial where they say the greatest economists in the world and a nobel laureate and do you know where interest rates are going in a year, and he says no. we should know what cd rates are going. >> i think they've done the best they can -- >> what is the maximum amount cd rates could fluctuate in the next 12 months? >> could fluctuate? >> a quarter pobet? >> a quarter point. >> where are they? >> 0.3. >> long term? i saw the ad, i saw a full-page ad in the detroit paper recently that a bank was bragging about their incredible interest rat
>> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot...
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growth numbers are stronger, they might be stronger only because they're heading off the fiscal cliff. there's still more fiscal tightening to do. >> i'm just trying to get a reasonable trip to greece here. you're con founding my hopes. but thanks very much for stopping by. and i had dree adrian reminding us that the 1.30 level may be around to stay. >>> coming up a little later, what toys will kids be badgering parents for this christmas? beccy and geoff visited the fair to find out. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> welcome back. japan has finally gotten a bit of a reprieve. here are the details from korea. >> a raft of economic data out, some of it surprising toward the up side. industrial output recovering to 1.8% versus expectations of a fall of 2.2%. things are not looking so upbeat elsewhere. jobless rate coming in at 4.2% in line with expectations. closely
growth numbers are stronger, they might be stronger only because they're heading off the fiscal cliff. there's still more fiscal tightening to do. >> i'm just trying to get a reasonable trip to greece here. you're con founding my hopes. but thanks very much for stopping by. and i had dree adrian reminding us that the 1.30 level may be around to stay. >>> coming up a little later, what toys will kids be badgering parents for this christmas? beccy and geoff visited the fair to find...
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cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. all those americans, too, get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today but we're still at stalemate. >> yeah, i mean, it's a sign, jessica and dana, of just how lack -- how little progress there's been that a phone call is big news between these two. dana, we're also hearing hints of some move between republicans, coburn, olympia snowe, susan collins. what are you hearing? how significant is it? >> reporter: it's significant for a couple reasons. one is, you're right. three republicans in different ways suggested they would be okay with what most republicans are saying, that they're not okay with, w
cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. all those americans, too, get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom...
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who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we take a dive off that cliff? even though president obama and john boehner chatted on the phone, there's still no deal. republicans are not amused. >> incredibly, many top democrats, including the president, seem perfectly happy. perfectly happy to go off the cliff. that's why the president has been more interested in campaign rallies than actually negotiating a deal. >> many americans don't have much hope the two side also come up with a deal. they've moved on already to plan b. the retired teacher in utah has put off plans to get a new car. brian chandler,
who will blink first on the fiscal cliff? not the obama administration as timothy geithner told cnbc, bring it on. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> taxpayers might think that's easy for geithner to say. what about all those middle class families whose tax will go up more than $2,000 if, as geithner suggests, we...
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fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not by raising tax rates. in fact, they want to lower tax rates for everyone. instead they'd raise money only by limits deductions and closing loopholes. speaker boehner says this will raise $800 billion over ten years. >> america faces a serious problem. our goal is to make sure it gets solved. >> step two, avoiding the drastic spending cuts that begin on january 1st, the so-called sequester. both sides want to find savings in medicare, but disagree about how to do it. >> we need a responsible white house. we can't sit here and negotiate with our
fiscal cliff as a three-part problem. part one taxes. in the new year, taxes go up on everyone unless washington takes action. the government needs more money. president obama wants to get some of it from the top 2% of wage earners. he wants to raise their tax rate and limit how much they can deduct. the white house says this will bring in $1.6 trillion over ten years. >> that's what the american people have voted for. >> republicans say they'll agree to bring in more money, but not...
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insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be
insult and finger pointing in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats...
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cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on ta
cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other...
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cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be accompanied by spending reductions that meet or exceed it. >> thank you, mr. speaker. >> speaker boehner speaking to the press outside of the offices on capitol hill. not really yielding any information, though. the intransigence it seems on both sides continues. but it definitely co
cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had...
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really bet the country by going over this fiscal cliff. >> crazy? betting the country? well, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place u
really bet the country by going over this fiscal cliff. >> crazy? betting the country? well, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a...
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whether political theater or political reality, there's more to going over the fiscal cliff far beyond hypothetical. >> i think we're going over the clif. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's the choice we have to make. >> emily joins us live from washington and so ellie, did anyone on any of the talk shows offer something resembling a bipartisan deal, or was effort just negativity? >> when the weekend began, an official who's very familiar with this -- as we saw on the talk shows today, there's no word that anything has been added to anyone's calendars in the past couple of days. so is there hope a deal can be reached? certainly that hope is still alive. but is there a timeline in place as to when it will happen, that's not known. >> emily schmidt, for us live in washington. thanks so much. >>> a series of suicide car bombings leave five people dead in eastern afghanistan today, insui insure gents -- taliban has claimed tonight for the attacks. >>> the internet blackout is
whether political theater or political reality, there's more to going over the fiscal cliff far beyond hypothetical. >> i think we're going over the clif. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's the choice we have to make. >> emily joins us live from washington and so ellie, did anyone on any of the talk shows offer something resembling a bipartisan deal, or was...
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cliff negotiations, deficit reduction. not hearing specifically about mortgage interest deduction but hearing about closing the loopholes. republicans say this is what's on the table from the white house. raising marginal tax rates on the very rich. extending both the social security payroll tax break and unemployment benefits for next year. the government wants to -- the white house wants to defer the sequester for a year and then launch this new multi-year stimulus package that would be at least $50 billion last year, infrastructure spending. also get this, a permanent increase in the debt limit, and they would take the debt ceiling approval away from congress. robert reich, do you have any problems with all of these things? >> well, most of them are steps in the right direction. i think that actually taking the debt ceiling approval away from congress sounds radical but it really isn't. that's a technicality. you don't want the debt ceiling ever to be negated. you are don't want congress to ever say no because that's th
cliff negotiations, deficit reduction. not hearing specifically about mortgage interest deduction but hearing about closing the loopholes. republicans say this is what's on the table from the white house. raising marginal tax rates on the very rich. extending both the social security payroll tax break and unemployment benefits for next year. the government wants to -- the white house wants to defer the sequester for a year and then launch this new multi-year stimulus package that would be at...
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called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified cuts. the president for himself he's heading to a manufacturing plant in pennsylvania today to try to sell that idea. house speaker john boehner's reaction was essentially, get serious. so we want to talk about the numbers behind this. we're going to bring in ken rogoff, professor of economics and public policy at harvard university. you heard the specifics of the plan, $1.6 trillion in new taxes, $400 billion in unspecified cuts, $50 billion in new stimulus. how does this sound to you? >> well, it certainly sounds like a plan. and i do think we have to see some mix of higher revenues starting now and fr
called the fiscal split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified...
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cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise that debt ceiling so the u.s. doesn't go into default. tha
cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they...
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washington has a lot of work to do to avoid the fiscal cliff and fix our debt issues and i'll keep bringing you the lawmakers, economists, and
washington has a lot of work to do to avoid the fiscal cliff and fix our debt issues and i'll keep bringing you the lawmakers, economists, and
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washington has to do a lot to avoid the fiscal cliff
washington has to do a lot to avoid the fiscal cliff
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fiscal cliff talks are turning into a high-stakes game of chicken. secretary tim geithner said there's no deal unless republicans agree to raise taxes on the wealthy. >> if they are going to force higher rates on virtually all americans because they are unwilling to let tax rates go up on 2% of americans, then that's the choice we'll have to make. >> republicans are furious. they don't like democrats drawing a red line in the sand. >> i think we are going over the cliff. it is pretty clear to me they made a political calculation. >> president barack obama and gop leaders held one face to face meeting on the fiscal cliff since the election. that meeting took place more than two weeks ago. >>> the kansas city chiefs suited up and took the field today against carolina. that's despite the shock and horror of yesterday's suicide of linebacker jevon belcher. stay right there with full details in a full report on cnn in just a minute. >>> high winds and heavy rain are pummeling the northwest. the rainfall will continue throughout the day. some places have a
fiscal cliff talks are turning into a high-stakes game of chicken. secretary tim geithner said there's no deal unless republicans agree to raise taxes on the wealthy. >> if they are going to force higher rates on virtually all americans because they are unwilling to let tax rates go up on 2% of americans, then that's the choice we'll have to make. >> republicans are furious. they don't like democrats drawing a red line in the sand. >> i think we are going over the cliff. it is...
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cliff. >> just 31 days until the deadline and our chief white house correspondent jessica yellin has more on where each side stands. >> randi, victor, democrats say tax rates have to raise on the wealthiest or there's no deal. but negotiations have to start with spending xuts. this is a case of who budges first. just when you thought campaign season was over -- >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. >> president obama is back on the stump pressing republicans to cut a deal averting the fiscal cliff. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> reporter: republicans say they want their christmas, too, and blame the president for the deadlock. >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. >> reporter: things got tense after treasury secretary geithner visited capitol hill thursday to present what republicans are calling an unreasonable proposal. it includes $1.6 trillion in new taxes. in part through raising rates
cliff. >> just 31 days until the deadline and our chief white house correspondent jessica yellin has more on where each side stands. >> randi, victor, democrats say tax rates have to raise on the wealthiest or there's no deal. but negotiations have to start with spending xuts. this is a case of who budges first. just when you thought campaign season was over -- >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st....
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lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for her handling of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play what was essentially a political role at the height of a contentious presidential election campaign. >> yet the president continues to stand by susan rice. >> susan rice is extraordinary. couldn't be prouder of the job that she's done at the u.n. >> all right, tim, when you hear senator collins, you know, she is influential, she is moderate, come out and say look, i'm not satisfied, sort of turning her back on susan rice, she had the moment in front of the microphone to endorse, she did not. should the administration cut its losses and say this might not
lost it's favored credit rating. they say the economy's actually expanding, but they're still really worried about, you know, the fiscal cliff. >>> and now our fourth story "outfront" for the second day in a row, susan rice met with republican senators, some of whom obviously have harshly criticized her for her handling of the attack in benghazi. the moderate susan collins spoke to us. >> i continue to be troubled by the fact that the u.n. ambassador decided to play...
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whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then, you know, that's the choice they're going to have to make. >> emily joins us live from washington. emily, the zinger sound bites, they're all piling up. what is the actual strategy behind all this political theater? what are you hearing from the republicans and from the democrats? >> reporter: you know, less than a month out now from going over the fiscal cliff. even talk about political strategy sounds an awful lot like posturing. we heard it from secretary geithner who said republicans seem to be in a hard place on this, not knowing what to do next. speaker boehner said, look, democrats won the election but they seem to have forgotten that republicans still control the house. at this point
whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then, you know, that's the choice they're going to have to make. >> emily joins...
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. >>> in raw politics, with the country one day closer to the fiscal cliff, president obama took his case to the public today. he used an event in pennsylvania to rachet up the pressure on republicans to freeze taxes for the middle class while allowing the tax rates on the wealthy to go up. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> in other words, the day after the white house puts its opening bid on the table, the president comes out swinging. that opening bid didn't have a whole lot of concessions in it to the republicans, and the republicans reacted as many would have predicted. they were mad. basically saying that offer was an insult. today, house speaker john boehner doubled down. >> it was not a serious proposal. and so right now, we're almost nowhere. >> that doesn't sound good. republican congressman lee terry of nebraska was just as succinct but how shall i say this? more colorful. he told the "omaha world heral
. >>> in raw politics, with the country one day closer to the fiscal cliff, president obama took his case to the public today. he used an event in pennsylvania to rachet up the pressure on republicans to freeze taxes for the middle class while allowing the tax rates on the wealthy to go up. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that's sort of like the lump of coal you get for christmas. that's a...
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so until the republicans agree to those clinton-era rates, we are going to go off the fiscal cliff. >> you know, it's interesting, ari, you'll remember this because you were the white house press secretary in 2001 and 2003 when those bush-era tax rates were approved basically by republicans, very few democrats voted to approve those bush-era tax cuts. so why not do what the republican congressman from oklahoma says, what paul just said, go ahead, declare victory. say, look, all these democrats are now on board, they support for 98% of the american people the bush-era tax rates for a long time to come, declare victory and move on. >> well, number one, wolf, actually those tax cuts were bipartisan. 12 senators -- democratic senators voted for them, a good number. more than 60 senators voted for the bush tax cuts across the board. number two, let me surprise you with this, i don't agree by going over the fiscal cliff, but i do agree that the smart move for the americans to make they don't have leverage on the taxes. the payroll tax cut about to expire and it did expire, republicans tucke
so until the republicans agree to those clinton-era rates, we are going to go off the fiscal cliff. >> you know, it's interesting, ari, you'll remember this because you were the white house press secretary in 2001 and 2003 when those bush-era tax rates were approved basically by republicans, very few democrats voted to approve those bush-era tax cuts. so why not do what the republican congressman from oklahoma says, what paul just said, go ahead, declare victory. say, look, all these...
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cliff, that difference between tax rates for the wealthiest americans. and what house democrats announced they're going to try to do is an end run around the house gop to try to file a petition in order to try to push a vote on the house floor to just raise taxes -- excuse me, to just extend the bush-era tax rates for middle class americans. but to do that, as you know, they need 218 votes and there's still a very sizable republican majority in the house. it will be difficult for democrats to do that. >> absolutely. and that proposal to take away what has been historically a congressional prerogative was a little bit surprising even to people who have been reading about this stuff for years. is it true though, dana, as it has been in past years that both sides at least have to show their bases that they're fighting the good fight and that's part of what's going on here? >> reporter: absolutely. there's no question about it. what i mention in the piece really is a real phenomenon here when it comes to the feeling among congressional democrats that they ar
cliff, that difference between tax rates for the wealthiest americans. and what house democrats announced they're going to try to do is an end run around the house gop to try to file a petition in order to try to push a vote on the house floor to just raise taxes -- excuse me, to just extend the bush-era tax rates for middle class americans. but to do that, as you know, they need 218 votes and there's still a very sizable republican majority in the house. it will be difficult for democrats to...
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of course, if the fiscal cliff does come to be and the economy slows or dips back into recession, things will really slow down. what automakers are doing is continuing to push the sales of smaller cars, which is what the public wants, because tgas prics are rising. sales of these types of vehicles do real well in places like california where people drive long distances and where a lot of people are very concerned about the environment and want to drive hybrid or electric vehicles. so even though they haven't been so strong throughout the rest of the country, companies like general motors continue to push ahead with these vehicles. here is their newest introduction, which will be on the market in 2014. only available for sale in california and in oregon initially. this is the chevy spark. it is an all electric vehicle that will get somewhere south of 100 miles on a full charge. what's really cool about this vehicle is you'll be able to charge it up to 80% capacity in just 20 minutes. that is a challenge, though, getting the rest of america outside of places like california to buy these ve
of course, if the fiscal cliff does come to be and the economy slows or dips back into recession, things will really slow down. what automakers are doing is continuing to push the sales of smaller cars, which is what the public wants, because tgas prics are rising. sales of these types of vehicles do real well in places like california where people drive long distances and where a lot of people are very concerned about the environment and want to drive hybrid or electric vehicles. so even...
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known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%. quote, president obama signalled he wouldn'tnsist tax rates on upper income americans rise to clinton era peaks as part of a deficit reduction deal. the white house's flexibility first described by democrat erskine bowles after meetings with mr. obama and others confirmed by administration officials could envision tax rates increase from their current levels but less than clinton era levels. would you agree to a deal, senator? call it in the middle. 37%. >> well, the problem with that is raising those tax rates on those folks really doesn't address the major problem which is the spending that's going on. >> let me
known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%....
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know, as of right now, december 3rd and we have obviously a few weeks here before the fiscal cliff hits, as of right now neither side is budging and republicans are saying that they're not going to budge on those income tax rates but the white houses drawing a line over this. >> what do we know about plans for this week? i mean, apart from everybody spouting off hot air on talk shows do they have -- i'm sorry to be so crass but i'm getting a little annoyed by all the talk at us. >> reporter: yeah. >> instead of with each other. do they have any meetings planned? >> reporter: i'm not saying it's not an annoying process and i think americans feel exactly that way. there's no official meetings right now between the white house and congressional leaders. of course, there are meetings going on behind the scenes and contacts between the white house and congressional republicans but nothing official. president obama is taking this sort of outside strategy where as we saw him last week he goes outside of washington. he'll be giving remarks to the business roundtable this week, meeting with busi
know, as of right now, december 3rd and we have obviously a few weeks here before the fiscal cliff hits, as of right now neither side is budging and republicans are saying that they're not going to budge on those income tax rates but the white houses drawing a line over this. >> what do we know about plans for this week? i mean, apart from everybody spouting off hot air on talk shows do they have -- i'm sorry to be so crass but i'm getting a little annoyed by all the talk at us. >>...
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let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential. there's no way mathematically, if you look at the republican's proposal, that you can get to the deficit reduction that we need to with preserving the middle class tax cuts by not increasing as the republicans refuse to do the upper tier rates. there's room for discussion, but that -- >> so the 39.6%, that's not a red line? >> as far as i know and the conversations i've had, the president has said there's room for compromise, but for the red line to be drawn in the sand by republicans to say that an increase in rates on the wealthiest a
let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential....
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. >>> 30 days and counting in the country's potential fall off the fiscal cliff. avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they have actually asked for more revenue than they have been asking for the whole entire time. >> in other words not quite a good place to be, but both sides agree that the government needs to raise more money. how much and how they do it are two of the major sticking points. >>> and protests and a constitutional crisis, what is next for egypt. we'll dig deeper into the struggle for power between conservative islamists and liberal secularists. and lat
. >>> 30 days and counting in the country's potential fall off the fiscal cliff. avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a...
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house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. and it's unfortunate that the white house has spent three weeks doing basically nothing. >> i know what you heard there. but treasury secretary geithner said he does believe a deal can be reached by the end of the year. >>> member of the u.s. coast guard is dead after a suspicious boat rammed his small boat off the coast of southern california. chief petty officer terrell thorn was one of two coast guard members thrown off on impact. he suffered a traumatic head injury. the other coast guardsman was treated at a local hospital. coast guard says the suspicious vessel was intercepted, and the two people were detained. >>> we could find out later this morning if the supreme court will wade into the controversial issue of same-sex marriage. the court releases its orders list at 9:30 eastern time. and there is a possibility justices will hear cases that challenge th
house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. and it's unfortunate that the white house has spent three weeks doing basically nothing. >> i know what you heard there. but treasury secretary geithner said he does believe a deal can be reached by the end of the year. >>> member of the u.s. coast guard is...
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speaking of the fiscal cliff, there has been all this focus on one dangerous man who stands in the way of a deal that could avert it. grover norquist is neither elected nor has he ever run for office, so why is washington so scared of him? >> taxes went up, spending didn't go down. >> he's been called a kingmaker, a patriot, and the ideological godfather of the tea party. since the mid'80s, grover norquist, the founder of americans for tax reform, has been the driving force behind the anti-tax movement. his goal, to take big government and in his words, drown it in the bathtub. norquist's weapon is the taxpayer protection pledge, which was at one point signed by 95% of gop members of congress. >> you raise your hand if you feel so strongly about not raising taxes. >> reporter: on the campaign trail this year, only one republican presidential candidate, jon huntsman, dared to cross him. norquist has clout. he's called the most powerful unelected man in america today. but since the november election, his fortunes have changed. >> i will violate the pledge. >> a pledge you sign 20 years a
speaking of the fiscal cliff, there has been all this focus on one dangerous man who stands in the way of a deal that could avert it. grover norquist is neither elected nor has he ever run for office, so why is washington so scared of him? >> taxes went up, spending didn't go down. >> he's been called a kingmaker, a patriot, and the ideological godfather of the tea party. since the mid'80s, grover norquist, the founder of americans for tax reform, has been the driving force behind...
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this is a so-called fiscal cliff. january 1st. our news makers representative jim clyburn of south carolina, number three democrat in the house of representatives and number one i'm sure to a lot of people. hello. how are you? >> hey, don. thank you so much for having me. >> thanks for coming on. is speaker boehner right, though? as the clock is ticking, ticking toward january 1st, the talks haven't progressed in two weeks. is he right? >> well, i don't know that i'm as disappointed as the speaker is right now. i understand some of his problem with this. but the fact of the matter is the american people ended elections on november 6th, voiced their approval of president obama's approach to this. over 3 million more people voted for him than voted for mr. romney. and then if you look at house democr democrats. only 201 of us got eelected. that means the rest were republicans. >> i understand that. >> but over 500,000 more votes than they got -- >> with all due respect, representative, we understand that the president won and you fe
this is a so-called fiscal cliff. january 1st. our news makers representative jim clyburn of south carolina, number three democrat in the house of representatives and number one i'm sure to a lot of people. hello. how are you? >> hey, don. thank you so much for having me. >> thanks for coming on. is speaker boehner right, though? as the clock is ticking, ticking toward january 1st, the talks haven't progressed in two weeks. is he right? >> well, i don't know that i'm as...
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house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> the administration has presented a plan that calls for $1.6 trillion in new tax revenues. $400 billion in cuts to medicare and other entitlements. $50 billion for a new stimulus and congress would have to give up control over raising the debt limit. republicans have indicated that they want to raise revenue by lowering tax deductions, haven't given any specifics yet. brings us right to white house correspondent brianna keilar. good morning, brianna. >> good morning to you, soledad. yes, things are at an impasse here. i will tell you the white house after not being very happy with the pace of negotiations the week before last sent treasury secretary tim geithner up to the hill to outline this proposal. there's a lot we already knew about that president obama had already taken
house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> the administration has presented a plan that calls for $1.6 trillion in new tax revenues. $400 billion in cuts to medicare and other entitlements. $50 billion for a new stimulus and...
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cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we begin this afternoon with brand-new republican offers to try to save the $2.2 trillion and avoid the so-called fiscal cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly whe
cliff. also president obama's getting ready to speak this hour about an urgent national security issue. u.s.-led efforts to try to track down and eliminate loose nuclear weapons. that's coming up. >>> also, frightening now revelations about an al qaeda plot for a three-part terror attack on the united states embassy in iman, jordan. i'll ask the country's foreign minister for details. he's standing by live. i'm wolf blitzer. you're in "the situation room." >>> we...
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if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are basically going to be fine unless you're planning on retiring release soon. i do think that is something you have to keep in mind. diversification out of the assets that are most affected by these kinds of taxes is probably never a bad idea. host: john mckinnon is a reporter for "the wall street journal." he is now in the washington bureau. he was a columnist for "the miami herald." what sectors would be hit harder if deductions and loopholes or taken out of the tax code? guest: the stocks that pay a high dividend. these tend to be utility stocks. there are lots of old, established, u.s. industrial f
if we go off the fiscal cliff and congress doesn't take any action to soften the blow, tax rates will go up quite a lot on dividends, from 15% to more than 40% in most circumstances. there are economists who think that will have a big impact on stock markets and they could go down 10%, maybe 20%. i do not think those effects are as strong as some economists believe. i think it is something the market could get over. you're in a long term tax and vanished savings situation. i think you are...
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i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military installations. 5 colleges and universities. 11 indian tribes. the best college football team in america. it is a very special place. i would argue with your statistics. i just won reelection with 68% of the vote. having said all that, the idea that the paul ryan budget is about getting rid of social programs is ntot so. it is about saving them. these programs are going bankrupt. all are going to have to be reformed. if the president gets every tax increase he is asking for, let's just assume that he did, it would not come close to solving the budgetar
i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military...
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cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons' ceiling, and they could do this anytime. there would not have to go back to congress. -- they would not have to go back to congress. guest: it is true that technically the administration can do some things without even the congress's approval, but it would not be a lasting solution. let's say you could freeze the amount of withholding that you pay three paycheck at the level it was this year, for the 98%, and increase withholdings for everyone else as the law would dictate if you read over the cliff. -- went over the cliff. but the 98%, if they did not actually pass a law to extend the tax cuts for tha
cliff expire, go down the fiscal cliff for tax rates, and adjust the taxes for the 98% through the rebate process. and this could be available for anyone, any president. let the bush tax rates apply as a ceiling, and then apply the rebate process to control the 98%. host: why do you propose that? what is the advantage in your view? caller: because the executive branch, the president, whoever it is, would have the ability to adjust the tax effectively for anyone who falls below the clintons'...
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that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that will be in early january. and the tax rate for all americans. in 2001 and 2003 and then extended during the lame duck of 2010, every americans' tax rates were extended out to expire the 31st of december. every tax rate from the lowest to the highest is set to go up. some people see the problem is we're not taxing enough and so that solves the problem. to just go off the fiscal cliff and everyone will be taxed more. some say we don't take from some group and give to the other. some say go to the clinton tax rate. we had a booming economy a
that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that...